Audit 344398

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Village of Bolivar, New York (the Village), an entity as defined in Note 1 to the Village’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The Village uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Village’s financial reporting system. Indirect Costs The Village does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Village does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Village of Bolivar, New York (the Village), an entity as defined in Note 1 to the Village’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The Village uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Village’s financial reporting system. Indirect Costs The Village does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance.